Three Trends That Will Shape The Future Of Blockchain Technology in 2019

Regardless of entering the “trough of disillusionments” as coined by Gartner in 2018, Blockchain is still seen as a technology with great potential beyond its flagship use case - cryptocurrency. Blockchain is rolling out slower than what the research firms predicted but experts still believe that the future of blockchain looks more promising than ever. 2019 is said to be the year of building real-world solutions and we’ll see numerous use cases unrelated to cryptocurrencies and blockchain projects coming to fruition. Deloitte’s survey predicts, 23% of more than 1,000 international companies are ready to invest $5-10 million in blockchain in 2019.

According to the MIT Review, blockchain will be so common in 2019 that it’ll become “boring”. MIT further analyzed the move to normalize blockchain in 2019 being facilitated by mega-corporations like Walmart and by institutional momentum building on Wall Street.

2018 witnessed supervisory bodies getting involved, which indicates that this year we would observe less fraudulent activities regarding projects developed (or not developed) on blockchain. We are possibly going to witness the results of more measured, mature endeavors in the blockchain space in 2019. Businesses such as Walmart are investing in solutions designed to support food safety standards which means anyone involved in the supply of certain products will be able to trace individual items back to the farm where they were grown, using a tamper-proof distributed database. Amazon is also announcing blockchain projects for this year – with two blockchain initiatives aiming to enable its AWS customers to take advantage of distributed ledger technology in their own projects.

Privacy in Focus

Blockchain has some fundamental privacy problems on grounds of its design. One of the major concerns that surround blockchain technology is the vulnerability of the data shared. In 2018, there have been concerns about the privacy of the digital currency. Developers in this industry hope for the establishment and strengthening of the privacy policy. It reflects that with enhanced privacy, only the legal businesses will have access to your details.

According to one report, the use of blockchain technology to secure data and devices in the Internet of Things (IoT) increased two-fold during 2018. This trend is likely to continue this year and beyond, as more organizations come around to the potential of distributed, encrypted ledger technology in this field. The powerful encryption used to secure blockchains means that invaders require a massive amount of computing power to brute-force their way into just one node. Additionally, their decentralized nature means attackers can't sidestep security by knocking out a single-point-of-failure with, for example, a denial-of-service attack.

Blockchain impact on different verticals has not gone unnoticed, and that’s why we are more favorable towards its growth in 2019. Do you think the concept is merely hype or holds real hope? Leave your comments in the section below!

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